The Pakistan Stock Exchange maintained its uptrend on Tuesday with an increase of 204 points in the KSE-100 index as investors were optimistic that the country would end the ongoing fiscal year with a current account surplus.
KASB Market View
We expect the market to focus on key developments on the upcoming federal budget. The bullish momentum can continue in the coming days and investors are advised to view any dip as a buying opportunity in the banking and cement sector stocks trading at a discount. The energy chain may also sustain its momentum on disburse of payments.
C/A posts $773m surplus in 10MFY21
KARACHI: The country’s current account (C/A) has been showing deficit each month since December 2020, but it remained in surplus with $773 million during the first 10 months of 2020-21 — reflecting the additional support of higher remittances and exports.
Q4FY21 numbers will be ‘even greater’: govt
ISLAMABAD: The government said on Tuesday that the economic numbers of the fourth quarter of the current fiscal year would be even greater than those of the last previous quarter as large-scale manufacturing (LSM) growth for the month of April is over 20 percent besides increases in remittances and exports.
Govt pitches Rs5.8tr tax target
Pakistan on Monday informed the International Monetary Fund (IMF) that it plans to give 10% raise in salaries over and above a disparity allowance and pitched a Rs5.8-trillion tax target for the next fiscal year.
Govt agrees to key PBC budgetary proposal
ISLAMABAD: The government has agreed, in principle, to a key budget proposal of the Pakistan Business Council (PBC) to restore the exemption of inter-corporate dividends to promote the formation of groups in the country.
Fitch assigns ‘B-’ rating to Wapda’s proposed USD notes
ISLAMABAD: Fitch Ratings has assigned Pakistan Water and Power Development Authority’s (WAPDA, B-/Stable) proposed US dollar senior unsecured notes a rating of ‘B-‘.
Energy sector debt to be reduced by 38pc by FY21-end: PD
ISLAMABAD: The Power Division Tuesday said the energy sector debt will be reduced by 38 percent to Rs 330 billion at the end of current fiscal year (2020-21) as compared to Rs 538 billion in 2019-20.
Circular debt swells Rs260bln in 10 months
ISLAMABAD: Circular debt swelled by Rs260 billion during the first 10 months of the current fiscal year of 2021/22, although the government controlled the buildup during the period, officials said on Tuesday.
Govt nods reduction in upfront taxes on machinery imports
ISLAMABAD: Finance Minister Shaukat Tarin on Tuesday agreed to a proposed cut in upfront tax levies on import of plant and machinery and gradual reduction in corporate tax rates and general sales tax to 12 percent.
‘OMCs pay significantly higher than corporate tax rates’
ISLAMABAD: Oil marketing companies (OMCs) are paying significantly higher than the 29 percent corporate tax rate in the country because of anomalies in turnover taxation, an independent think-tank said on Tuesday.
Virgin Islands court unfreezes PIA assets in Reko Diq case
The High Court of Justice in the British Virgin Islands (BVI) on Tuesday ruled in favor of Pakistan in a case initiated by Tethyan Copper Company (TCC) for attachment of assets belonging to the Pakistan International Airlines Investment Ltd (PIAIL), including hotels in New York and Paris, as part of its efforts for the enforcement of the Reko Diq award.
Sindh imposes additional Covid-19 restrictions, including ban on gatherings of over 10 people
The Sindh government on Tuesday imposed additional restrictions, including a ban on gatherings of more than 10 people, in view of the rising incidence of Covid-19 cases in the province.
PM announces Rs100bn for start-up loans
ISLAMABAD: Prime Minister Imran Khan on Tuesday announced allocation of Rs100 billion for start-up loans and 170,000 skilled education scholarships to overcome the challenge of unemployment.
-Word of the Day-
Volatility is a statistical measure of the dispersion of returns for a given security or market index. In most cases, the higher the volatility, the riskier the security. Volatility is often measured as either the standard deviation or variance between returns from that same security or market index.